Standard Business Agreement Contract Negotiation and Modification Using AI

Date
July 29, 2021
Category
Date
July 29, 2021
Author
Gary Sangha | Founder & CEO
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A company’s value is retained in its contracts. Corporate lawyers invest significant time, thought, and energy into detailing business relationships and clarifying the terms of service. As a result, good standard business agreement contracts protect both parties in the event of a breach of etiquette. With the help of artificial intelligence (AI), corporate legal departments and procurement teams are discovering how to ensure their agreements adhere to company guidelines while accelerating the review and negotiation process from days or even weeks to mere minutes.  

AI can accelerate standard business agreement contracts

Problems with Standard Business Agreement Contract Modification

Although there have been great advances in the development of AI legal solutions, most legal departments remain stuck in old ways of doing business. They draft contracts in MS Word, email them to relevant stakeholders, collect and reconcile all revisions into a single document, circulate the updated version via email again, and continue fine-tuning the agreement with back and forth revisions until it finally passes to signature.

Traditional business contract negotiations lead to a host of issues.

  • Long negotiation cycles
  • Delays obtaining final approvals
  • Lack of visibility and diminished trust between parties
  • Lack of compliance and lost revenue

Legal teams often find this routine, repetitive work tedious and unfulfilling, increasing the risk of human error and consuming valuable legal resources that could be spent on more business impactful tasks. Negotiators that grow fatigued and disinterested as a contract drags on become less productive. Turnover and recruitment costs create headaches for busy corporate offices. 

Additionally, documents embroiled in lengthy negotiation cycles often become unnecessarily complex. As patience wanes, hasty decisions increase the chance that one or both parties will not reach a satisfactory resolution. 

How AI Improves Standard Business Contracting

Cloud technology and AI are transforming the corporate legal landscape, and contract negotiation is no exception. Legal departments now have access to secure, cloud-based solutions that scan digitized contracts for deviations from a company’s preferred positions, as stated in the AI Digital Playbook

A fully redlined contract that would have ordinarily required days to finalize can be completed by an AI solution in five minutes or less. Senior reviewers can receive contracts that contain auto-suggested improvements with context-based revision notes.  

Modernizing standard business agreement contract negotiation with AI:

  • Increases efficiency - cutting out manual, redundant, error-prone review work.
  • Increases productivity - allowing legal teams to focus on strategic goals.
  • Improves relationships - providing transparency between parties and drafts.
  • Streamlines processes - giving you the data you need to achieve better results.
  • Mitigates risk - offering easier definition, enforcement, and compliance.

AI is no longer a fanciful “would-like-to-have” for the far-off future. With advances in Natural Language Processing (NLP), the age of AI has arrived. Businesses cannot afford to be left behind with outdated contract negotiation processes that are slow, riddled with errors, irritating to undertake, and inefficient.

LexCheck: Setting the AI-Powered Standard for Business Agreements

LexCheck’s award-winning legal technology enables corporate legal departments and procurement teams to employ an AI platform to accelerate contract review and negotiation according to a company’s specified guidelines. Characterized by speed and accuracy, LexCheck’s technology reviews and negotiates an agreement like an experienced in-house attorney by adhering to the company’s internal playbook and best practices. After uploading your agreement to the platform, your department will receive a fully redlined agreement with suggested revisions to ensure favorable terms—often in less than five minutes. Immediacy is the new standard, and an AI-powered contract negotiation platform brings today’s legal departments much closer to reviewing and negotiating agreements instantaneously.

LexCheck accelerates standard business agreement contract negotiation while ensuring adherence to contract guidelines. Contact sales@lexcheck.com to learn more, or request a demo to experience the technology for yourself.

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